Low import costs have helped hold down U.S. inflation. Even with the last two months of increases in oil costs, import prices have fallen 0.3 percent in the 12 months ending in February. They haven’t recorded a year-over-year increase since last April.

Export prices rose 0.8 percent in February from January, pushed up by higher prices for agricultural goods. In the past year, export prices have increased 1.5 percent, led by a 13.4 percent jump in farm goods.